US import prices up 2% in January, largest jump in 11 years

ANKARA

US import prices rose 2% in January compared to the previous month, the largest increase since April 2011, the Labor Department announced Wednesday.

The market had expected a 1.3% monthly increase following a 0.4% drop in import prices in December.

"Higher fuel and nonfuel prices in January contributed to the overall increase in import prices," it said in a statement.

"Prices for import petroleum increased 9.5% in January, after decreasing 8.3% the previous month," it added.

US export prices jumped 2.9% in January after falling 1.6% in December.